Property sales up in Cyprus despite overseas buyers decline

The number of property sales in Cyprus increased in January 2019 compared to the same month last year, although sales to overseas buyers have fallen, new figures show.

According to the latest official figures published by the Cypriot Department of Lands and Surveys, the number of sales contracts deposited at Land Registry offices in the country rose by 10 per cent in January compared to the same month last year. It is the 21st consecutive month of increased property sales activity in Cyprus.

However, sales to overseas buyers fell by 8 per cent year-on-year.

This decline was largely due to a fall in interest from overseas buyers for properties in Famagusta and Limassol. The number of properties bought by overseas buyers in Famagusta last month was 59 per cent lower than those purchased in January 2018, while interest in Limassol properties declined by 28 per cent.

However, Nicosia, Larnaca and Paphos all saw increased buyer activity this year, with sales in each district rising by 70 per cent, 15 per cent and 8 per cent respectively.

What’s more, while overall overseas buyer numbers may have been down, the number of purchasers from within the EU was actually up by 19 per cent. Yet sales to non-EU nationals fell by 16 per cent compared with January 2018.

Overall, January 2019 saw a total of 766 contracts deposited at Land Registry offices for the sale of commercial and residential properties and land, compared with 695 in January 2018. Over half (409) of these properties were purchased by Cypriot nationals, with Limassol (251 properties sold) and Paphos (187) the two busiest markets.